The Terrible Truth About Filing Limited Company Dormant Accounts: Don't Make This Fatal Mistake!

Learn how to file dormant accounts for your limited company with ease. Our step-by-step guide will walk you through the process.
Book a tax consultation: Use code KZbin20 to get a 20% discount optimiseaccoun...
Looking for a new Real Estate Property Tax Specialists? www.optimiseac...
International tax videos: / channel
Use our free UK tax calculators: www.optimiseac...
Need a buy to let mortgage? survey.zohopub...
Claim Capital Allowances here www.optimiseac...
Reduce your Capital Gains Tax www.optimiseac...
Inheritance Tax Planning www.optimiseac...
Need a will or LPA? survey.zohopub...
Get free property investing education here simonmisiewicz...
#limitedcompany #dormantaccounts #companyfiling #companyregistration #companylaw #companyformation #companysecretary #companydirector #companycompliance #businessregistration #businesslaw #businessformation #businesscompliance #smallbusiness #entrepreneur #startups #financialcompliance #taxcompliance #accounting #bookkeeping

[@uwauhumuavbi5739]

My Ltd company was dissolved by Companies House in April 2024 for failing to file. What can I do now? I am also thinking of continuing trading as a sole trader. Thanks

[@UK-Property-Tax-Accountants]

You can write to companies house or call them to see if they would resurrect the company for you

[@frazeeay]

Hi Simon. I'm no longer trading (dormant since October 2019), and only have to keep the company open to pay off a loan. So, there is a company bank account used to pay this every month, to which I transfer personal funds into every month to pay the loan payment. Can I file dormant accounts?

[@UK-Property-Tax-Accountants]

Sadly, cannot file Dormans accounts because there is movement between that, and the money paid to pay off the debt

[@MyDream-Kitchen]

If I am using company for online e-commerce with Amazon as FBM.should I go for dormant filing?

[@UK-Property-Tax-Accountants]

A company that is active on Amazon can’t be classified as dormant as it is trading.

[@khadeejatehseen6344]

Hi simon! I filed dormant accounts and it got accepted on 23 feb 2024. Now I got the notice for corporation tax return for the same period in which I filed my dormant company accounts. The date of issue on these documents is 29 feb 2024. Why is that? Because dormant companies don't need to file tax. Also I informed HMRC by call and online that my company is dormant. They also made my company dormant till 2028. So do I still need to file these tax returns, the notices of which I have been receiving?

[@UK-Property-Tax-Accountants]

You should just write a letter to HMRC to clarify the point as there is no tax to pay and await their response

[@khadeejatehseen6344]

@@UK-Property-Tax-Accountants Thanks a lot! Moreover, is there any other way too to check whether my company status is active or dormant for HMRC? any website?

[@UK-Property-Tax-Accountants]

@khadeejatehseen6344 sadly not

[@MenWithMotorbike]

Hi Simon, I open my company july 2022, since that day I haven’t started to trade and my corporation tax due this april, because I’m not trading buying or selling am I dormant? Secondly, I was putting my personal money cash into my business account every month, and transferring my money from business account to my personal account when I needed money is that mean im not dormant or still im dormant? Do I have to do corporations tax and annual filling or file dormant account and tell the company house and HMRC? Im so confused, thank you

[@UK-Property-Tax-Accountants]

If you have been transferring money to or from the business bank account, it is not dormant and you will have to file basic accounts and NIL corporation tax. Return

[@UK-Property-Tax-Accountants]

This is because you have movement on your balance sheet

[@Resoundinglyavergage]

This is a brilliant video. Very informative and helpful. Also explained very well.

[@UK-Property-Tax-Accountants]

Thank you ever so much for the very kind comment 🙏

[@luvhanni-y8x]

Thanks for the video. I'm no longer trading and about to file for dormant. but I have to keep business bank account to get some outstanding money from my internation clients. Can I file for formant accounts?

[@UK-Property-Tax-Accountants]

You will not file dormant accounts if there are any cash or bank transactions, such as collection of money

[@shahnawazrauf6170]

Can you please tell me how to send in my accounts to company house on paper? Its mandatory for my company as it has been dissolved. The company house told me to send in accounts with restoration application.

[@UK-Property-Tax-Accountants]

To be honest I have not dealt with this as we deal with accounts before dissolution

[@farhatriaz4702]

I have created the company for amazon account but i don't trade on amazon even a single product what should i file for accout.but i have my own money on my wise account .

[@UK-Property-Tax-Accountants]

If the company has no income or costs then take the money out of the bank accounts and Google “ Form DS01’ to close the company.

[@UK-Property-Tax-Accountants]

Or, you can file dormant accounts

[@MrEagle2050]

I've informed HMRC online that i'm dormant since incorported my company around 2 months ago but still looks Active o the website didn't switched to dormant is this normal

[@UK-Property-Tax-Accountants]

That is quite normal 👍

[@MrEagle2050]

@@UK-Property-Tax-Accountants thank you for your prompt response

[@UK-Property-Tax-Accountants]

@MrEagle2050 you are very welcome 🙏

[@MrEagle2050]

@@UK-Property-Tax-Accountants sorry to bother, can a nonresident in UK open bank account for his company? Since I got my incorporation papers in Nov and I couldn't do it even digital banks require bank statement from UK bank for the company which impossible to have it , any suggestions? Wise bank puts all new accounts on hold and ask them to join the white list . I appreciate your assistance

[@UK-Property-Tax-Accountants]

Have you tried Revolut or Tide?